Market Size of Blood Collection Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Blood Collection Market Analysis
The blood collection market is expected to register a CAGR of 6.2% during the forecast period.
- The global outbreak of COVID-19 had a positive impact on the blood testing market, as it helped diagnose infectious diseases such as COVID-19 by testing various blood samples. As the number of COVID-19 cases increased, governments worldwide explored the possibility of allowing private laboratories to ramp up blood testing, which also helped in diagnosing other diseases. Furthermore, many individuals with weak immune systems infected by COVID-19 needed blood/plasma transfusion, and governments are taking initiatives to increase blood donation.
- For example, the Maharashtra state government in India used social media initiatives to increase the number of blood donations in June 2020 following a shortage of blood in the region. Such programs positively impacted the global blood collection market growth in many regions during the pandemic. In the post-pandemic situation, the market is likely to witness significant growth due to technological advancements in blood collection kits and the increase in chronic diseases that require routine blood collection for diagnosis.
- The major factors driving the market growth include the rising demand for early diagnosis of chronic conditions, increasing incidence of trauma and accidents, and a surge in the number of surgical procedures carried out worldwide. The volume of knee and hip replacement surgeries has increased worldwide in recent years, and this is expected to drive the demand for the blood collection market. Blood collection has also witnessed a great demand due to an increased number of patients suffering from various ailments related to blood, kidney, metabolic diseases, and neurological disorders.
- Moreover, an increase in product launches and strategic activities by key players is expected to drive market growth. For example, in February 2022, Abacus dx launched the newest addition to Streck's trusted blood collection tube portfolio, RNA Complete BCT. The rise in blood donation and transfusion requires blood collection kits, which are expected to drive the market growth.
- However, blood contamination and other complications and injury caused during blood collection are expected to restrain the market growth. Overall, the studied market is likely to witness significant growth over the forecast period due to the increase in surgical procedures, rise in blood donation, and product launches.
